Net income drops 28 percent at Simpson

July 31, 2008

Simpson Manufacturing, maker of Simpson Strong-Tie and Simpson Dura-Vent products, saw net income drop 28 percent in the second quarter to $20.38 million from $28.3 million in the year-ago period. Sales were down 5 percent to $219.33 million from $231.3 million last year.

In the second quarter of 2008, sales declined throughout the United States, with the exception of the northeastern and midwestern regions of the country. California and the western states had the largest decrease in sales, the company said in a statement.

Those declines were in part offset by strong sales in Canada and mainland Europe, which “increased significantly.” Sales declined in the United Kingdom.

In the company’s Strong-Tie division, sales fell 4.9 percent, while Dura-Vent sales fell 10.2 percent. The company noted that while sales of its Dura-Vent's pellet vent and chimney products increased, sales of gas vent and Direct-Vent product lines decreased.